A Bristol-based financial services firm has announced a record year in which it provided around £2bn of financing to SMEs.
Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said it saw strong growth in its loan book in 2021 to a record high of £280m – up from £40m from 2020 – as businesses felt the economic impact of the pandemic and national lockdowns.
Figures released by the company, which is set to mark its 20th year in business, showed it had issued its highest ever total funding advances to customers of £1.9billion.
In 2021, it provided £125m of new funding through over 1,300 new installations, including a record annual performance for new asset finance business of £46m.
The company added that it had seen strong customer performance across its working capital products, with record billing levels, high customer retention and a recovery of the loan book to pre-levels. the pandemic.
Ultimate Finance said last year’s performance, along with the £220 million of wholesale funding facilities recently announced, had put it in a strong position to support SMEs in their growth plans in 2022 .
Josh Levy, managing director of Ultimate Finance, hailed what he called a “transformational” year for the firm.
Mr. Levy said: “Our achievements in 2021 were the result of hard work by everyone at Ultimate Finance. This year marks our 20th anniversary with more than £10 billion of funding granted to SMEs during this period.
“Having secured £220m of new wholesale finance facilities over the past few months, we have the firepower, the appetite and the desire to support even more SMEs with the asset-based lending solutions we they need to meet the many challenges and opportunities that await them.”
Ultimate Finance, which is backed by international private equity firm Tavistock Group, currently supports around 3,000 SMEs.
In addition to its Bristol base, it also has offices in Manchester, Leeds, Lutterworth and Edinburgh.
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